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Euro Outlook Turning More Bullish as Crowd Fades Advance

Euro Outlook Turning More Bullish as Crowd Fades Advance

Christopher Vecchio, CFA, Senior Strategist
Euro Outlook Turning More Bullish as Crowd Fades Advance

EURUSD - The ratio of long to short positions in the EURUSD stands at -1.75 as 36% of traders are long. Yesterday the ratio was -1.98; 34% of open positions were long. Long positions are 6.1% higher than yesterday and 9.6% below levels seen last week. Short positions are 6.4% lower than yesterday and 23.3% above levels seen last week. Open interest is 2.2% lower than yesterday and 7.8% above its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the EURUSD may continue higher. The trading crowd has grown less net-short from yesterday but further short since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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